Property Condition
Banks always want to sell a property in "AS IS" condition. Most will provide a pest inspection but not unless you include it in your offer and insist upon it. They will allow you to all the inspections you want (at your expense) but generally do not agree to do any repairs unless required by the buyer's lender.Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unforeseen damages that the bank will not correct.
Even though you've agreed to “AS IS" always give the bank another chance to make repairs or give you a credit after you’ve completed your inspections. Occasionally banks will re-negotiate to save the transaction instead of putting the property back on the market---just don’t count on it.
Most banks will not provide financing on their REOs but they may give a seller concession for the buyer's loan costs. Many banks will also include a One-Year Home Warranty on the property but you have to ask for it in your purchase offer.
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